"Don't be surprised if the Jets try to get Holmes to take a pay cut on his $11 million base salary -- an exorbitant amount for a No. 2-quality receiver coming off a serious injury. Problem is, $7.5 million of the salary is guaranteed. If they cut him, they'd take an $11.25 million cap hit and they'd also have to pay him the $7.5 million," he wrote.

"However, unlike Mark Sanchez' guarantee, Holmes has an offset clause, meaning he can't double dip if he's released. In other words, his maxes out at $7.5 million in 2013 earnings if he's cut and signs elsewhere. Maybe, with financial motivation to stay a Jet, he'd be receptive to a restructured deal. New GM John Idzik is supposed to be a skilled negotiator; let's see if he can get Holmes to take a haircut."

Clearing some cap space by reducing Holmes' financial impact would be a start in the Jets' attempt to repair their weak WR corps, but they will have to find some cheap upside options via free agency to truly fix the lack of depth at that position. Cimini suggests the Miami Dolphins' Brian Hartline as "an interesting second-tier free agent" but notes that "even his asking price might be a bit much."